Economics · Economic Growth Models
The elasticity of substitution (σ) of a production function that admits both Hicks-neutral and Harrod-neutral technical progress must be equal to:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 10 < σ < 1
- 2σ = ∞
- 3σ = 1✓
- 4σ = 0
Correct answer
σ = 1
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